STOREDOT - Volvo Cars, through the Volvo Cars Tech Fund, has made a strategic investment in StoreDot, the pioneer of extreme fast charging technologies for electric vehicles.
StoreDot
is on track to begin mass producing its ‘100in5’ cells as early as 2024,
achieving 100 miles of charge in just five minutes. The investment gives Volvo
Cars the opportunity to collaborate closely with StoreDot on exciting new
battery technology, as it aims to become a pure electric car company by 2030.
Meir
Halberstam, StoreDot CFO “We
are moving closer to the mass production of our batteries and this investment
from Volvo Cars Tech Fund is yet another huge vote of confidence in StoreDot
and our mission. It represents a significant and high-profile element of our
current Series D funding round. This gives us the financial firepower to bring
our revolutionary batteries to market quicker and boost ongoing R&D into
solid-state technologies.”
Volvo Cars was the first
established car maker to commit to all-out electrification and aims to sell
only pure electric cars by 2030. As early as 2025, the company is aiming for
half of its global volume to consist of pure electric cars.
Alexander
Petrofski, Head of Volvo Cars Tech Fund “We aim to be the fastest transformer
in our industry and the Tech Fund plays a crucial role in establishing
partnerships with future technology leaders. Our investment in StoreDot is a
perfect fit for that mindset and its commitment to electrification and
carbon-free mobility matches our own. We are excited to make this collaboration
successful for both parties, working towards bringing this groundbreaking
technology to the market.”
Dr Doron Myersdorf,
StoreDot CEO “We
are extremely excited and proud to be entering into a collaboration with a
premium automotive brand. Volvo Cars’ commitment to zero emissions electric
vehicles is hugely impressive and one that fits perfectly with StoreDot’s
mission. We are working to ensure that EV drivers will never have to be
concerned with anxiety over charging times, currently the major barrier to EV
ownership and a cleaner world. StoreDot is also offering global OEMs a clear
technology roadmap that will start with ‘100in5’ silicon-dominant batteries by
2024 but extends into the next decade when we are already on track to achieve
100 miles in two minutes of charge.”
The
new funding comes as part of StoreDot’s Series D investment round. Volvo Cars
is joining an impressive list of the company’s global investors, including
Daimler, VinFast, Ola Electric, BP Ventures, Samsung, TDK, and EVE Energy.
StoreDot
is currently working with many global automotive manufacturers, to power next
generation electric vehicles. It is already shipping advanced ‘100in5’ cells
for them to undertake real-world testing.